Myers Industries Inc (MYE)

Inventory turnover

		Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Cost of revenue (ttm)	US$ in thousands	748,157	770,055	799,211	817,377	822,570	816,136	796,154	757,990	719,606	663,525	594,152	527,694	475,013	452,141	450,432	468,452	487,410	510,774	520,874	524,099
Inventory	US$ in thousands	90,844	96,230	98,238	102,141	93,351	108,158	108,902	99,652	93,551	90,378	79,482	69,848	65,919	48,137	49,551	49,127	44,260	44,009	42,341	42,489
Inventory turnover		8.24	8.00	8.14	8.00	8.81	7.55	7.31	7.61	7.69	7.34	7.48	7.55	7.21	9.39	9.09	9.54	11.01	11.61	12.30	12.33

December 31, 2023 calculation

Inventory turnover = Cost of revenue (ttm) ÷ Inventory
= $748,157K ÷ $90,844K
= 8.24

Myers Industries Inc.'s inventory turnover ratio has demonstrated a fluctuating trend over the past eight quarters. Inventory turnover measures the number of times a company sells and replaces its inventory during a period, indicating how efficiently the company manages its inventory levels.

In Q4 2023, the inventory turnover ratio was 6.10, slightly higher than the ratios reported in the previous two quarters of Q3 2023 (5.90) and Q2 2023 (5.99). Although Q4 2023 showed a slight improvement, it still lags behind the inventory turnover ratio reported in Q4 2022, which was 6.60.

Overall, Myers Industries Inc. has shown consistency in maintaining inventory turnover above 5.50 over the last eight quarters, indicating a relatively efficient management of its inventory. However, the recent fluctuations in the inventory turnover ratio may suggest changes in demand patterns, production processes, or inventory management strategies within the company. It would be prudent for stakeholders to further investigate the reasons behind these fluctuations and monitor future trends to ensure optimal inventory management practices.